The bill amends sections 5747.08 and 5747.98 of the Revised Code and introduces new sections 5747.87 and 5747.88 to establish nonrefundable income tax credits for Ohio taxpayers. These credits are specifically designed for costs related to handgun training courses and the purchase of secure storage or locking devices for firearms, with each credit capped at $250 or the actual purchase price of the device, whichever is lower. Additionally, the bill clarifies that the tax commissioner will not maintain a list of taxpayers who claim the handgun training credit, and it provides definitions for "secure storage device" and "locking device" to ensure clarity regarding eligible items.

Moreover, the bill outlines a new sequence for claiming various tax credits, starting with retirement income credits and concluding with the newly introduced handgun training and secure storage device credits. It also repeals the existing sections 5747.08 and 5747.98 to streamline the tax credit process and specifies that the claimed credit amount cannot exceed the taxpayer's total tax liability for the year, with provisions for carrying forward any excess credit. The new regulations will take effect for taxable years ending on or after the bill's effective date, thereby influencing future tax filings.

Statutes affected:
As Introduced: 5747.08, 5747.98